Consolidating student loans lower interest rate

Student borrowers may consolidate, or refinance, their federal student loans, including Direct, Stafford, and Perkins loans, into a federal consolidation loan. There are two main reasons borrowers decide to consolidate their federal loans: a fixed interest rate and lower monthly payments.

Other reasons include the convenience of having just one loan with one monthly payment and preventing one from defaulting on one's loans.

Although all of these different loans may be consolidated, you must have at least one outstanding FFEL or Direct Loan to obtain a Direct Consolidation Loan.Most of the current deferment and forbearance provisions of Direct student loans are retained after being consolidated.Specific deferment options include: Repayment terms range from 10 to 30 years, depending on the amount being refinanced.As you weigh the pros and cons, keep in mind that timing is critical.With just a few exceptions, you get only one chance to consolidate with the government loan programs.

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